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Many consider starting their own business, and many succeed. In fact, in 2015, there were 608,110 businesses started; a record number compared to previous years. And although most major cities in the UK are seeing this rise in start-ups, London seems unbeaten with a staggering 200,000 new companies formed last year alone.

Despite the numbers of people setting up a limited company, PLC, or any other bespoke structure, there are countless others who still only dream of becoming their own boss. The fear of failure is a major contributor to this, with 43% of people seeing it as a barrier to initiating their start-up.

While it's important to consider that businesses can fail, and to prepare yourself for all eventualities, focusing too much on the negative can be a hindrance. There are more important factors that need your attention before setting up a company; focusing on these can help you overcome this fear.

The Idea

If you've decided to leave your job to set up a company, you're sure to already have a business idea. It's imperative that you ask yourself if this idea can be profitable and offer a decent ROI. It can require a great deal of innovation and consideration, otherwise you risk your business becoming lost among other start-ups and already established companies.

The Market Research

No matter how good your idea is, with so many people setting up their own businesses, you may find yourself disheartened; what if someone has already beaten you to the post with your innovative business plan? Conducting market research is the best way to ensure your business remains relevant with a USP and, more importantly, can fulfil a market need.

If the idea has been done but you don't want to let go, consider how you can develop your USP; maybe give your company a new angle and take it in a new direction. Market research is also the perfect opportunity to see what your competitors are doing, what the consumer desires, and therefore serves to offer you an insight into what you can do to address these needs.

The Business Plan

Creating a solid business plan should be at the core of how you undertake your start-up. With it you can ensure that your start-up is heading in the right direction, and you can create contingencies and prepare for unexpected circumstances. A good business plan includes everything from business and personal goals, and your vision and mission, to how you're going to approach your audience and market your products and services.

The Name

It may seem like it's a by-product of your whole business undertakings, but your company name can completely effect how your business is perceived. You want it to be memorable and easy to pronounce, and it should reflect what your business ethos. Another important element is avoiding confusion with competitors' names, potentially leading to a loss in sales or, in the worst case scenario, legal issues. On top of this, there are restrictions on the name you can give your limited company, meaning you can't just frivolously select a name and expect it to be approved.

The success or failure of a start-up depends on many different factors, most of which are under your control. Having a detailed business plan and making all other necessary preparations are key; it determines where you are, where you would like to be, and whether you and your brand new business have the longevity and ability to achieve, reach and surpass those goals.

Quality Formations deliver a range of specialised business formation solutions for start-up companies, enabling entrepreneurs and new businesses, of varying structures, to realise their potential.